Particularly strong on the underwriter side, as a result of entrenched firmwide institutional ties with many leading global and regional banks, and also picking up a considerable amount of issuer mandates, Clifford Chance receives a ‘tremendous flow of work‘ and is consequently fully abreast of current market trends from both perspectives. Led out of Hong Kong by Amy Lo and aided by a significant presence in Shanghai and Beijing, the team, which ‘understands the cultural and commercial background of mainland China’, is appreciated for the integrated nature of its advice which frequently leads to big-ticket IPO work (on both bank and issuer side) for Chinese corporates seeking to list on the Main Board of the Hong Kong Stock Exchange. Although the firm is sector agnostic, it has recently been particularly active advising on transactions within the TMT, financial services, healthcare and real estate sectors. Virginia Lee continues to develop a flourishing reputation on both transactional matters, including IPOs and pre-IPO investments, as well as on regulatory issues relating to listing rules. Tim Wang is the main contact in Beijing.
Capital markets (equity) in Hong Kong
Clifford Chance
Other key lawyers:
Virginia Lee; Liu Fang Christine Xu ; Tommy Tam; Tianning Xiang
Testimonials
‘Clifford Chance has teams in Hong Kong and Mainland China that can handle Hong Kong’s equity capital market business, and the scale is among the top in the industry. From the perspective of resource allocation, the firm has outstanding advantages for assisting Chinese customers in handling large-scale projects with tight schedules and heavy tasks.‘
‘The team understands the cultural and commercial background of mainland China, and are also familiar with the actual situation of the Hong Kong capital markets.’
‘Clifford Chance’s Hong Kong Equity Capital Market team includes lawyers from both mainland China and Hong Kong. They understand the cultural and business background of mainland China and the actual situation of Hong Kong’s capital market, which has obvious advantages in daily communication with companies and Hong Kong regulators.‘
‘Tim Wang demonstrated superb professional and technical ability.’
‘Tianning Xiang has shown strong professionalism in both project implementation and the communication with relevant regulatory agencies.’
Key clients
Kuaishou Technology
JD.com
Haier Smart Home
Nongfu Spring
China Bohai Bank
CR Mixc Lifestyle (under China Resources Group)
China International Capital Corporation
Postal Savings Bank of China
China Pacific Insurance
SDIC Power
Work highlights
- Advised the joint sponsors and underwriters, including Morgan Stanley, Bank of America and China Renaissance Securities, on Kuaishou Technology’s $5.4bn IPO and listing on the main board of the Hong Kong Stock Exchange.
- Advised the joint sponsors, Bank of America, UBS and CLSA, and the underwriters on JD.com’s $3.87bn IPO and secondary listing on the Hong Kong Stock Exchange.
- Advised Haier Smart Home Co., Ltd (Shanghai and Frankfurt listed) on the merger with its Hong Kong-listed subsidiary, Haier Electronics Group Co., Ltd. The merger was effected by a privatisation of 1169 by scheme of arrangement. This was then followed by a listing of the H shares of Haier Smart Home which were offered in exchange for the shares held by the shareholders of 1169.
Davis Polk & Wardwell LLP
Able to advise on US and Hong Kong law, the ‘highly experienced and knowledgeable‘ team at Davis Polk & Wardwell LLP is an extremely popular choice, on both the issuer and underwriter side, for Chinese companies seeking to list on the Hong Kong Stock Exchange and in the US. As well as advising on conventional US listings (where it is also able to leverage the strength of its market leading New York practice), the office has also forged a strong reputation in relation to the thriving Special Purpose Acquisition Company (SPAC) market and recently advised Provident Acquisition (an Asia-focused blank cheque company targeting tech companies in Southeast Asia) on its $200m Nasdaq listing. James Lin led on the aforementioned matter and has vast experience advising US and Hong Kong IPOs by Chinese companies. Li He is also a cornerstone of the firm’s China facing work, and like Lin is appreciated for his flexibility and ability to advise on both Hong Kong and US listings. Biotech and healthcare is a particular sector strength, an area that Yang Chu and recently promoted partner Steve Wang are prominent practitioners. ‘Extremely dedicated’ counsel Kevin Zhang is also a key member of the team and goes ‘above-and-beyond to provide best-in-class advice’.
Other key lawyers:
Testimonials
‘Highly experienced, knowledgeable and dedicated partners. They are in a league of their own in Hong Kong.’
‘Kevin Zhang is sharp, has depth of US securities law knowledge and is extremely dedicated. He goes above and beyond to provide the best in class advice.’
Key clients
New Horizon Health Limited
Adegene Inc.
Provident Acquisition Corp.
Pop Mart International Group
Antengene Corporation Limited
Zai Lab Limited
Ming Yuan Cloud Group Holdings Limited
Hangzhou Tigermed Consulting Co., Ltd.
Shenzhen Hepalink Pharmaceutical Group Co., Ltd.
Genetron Holdings Limited
Work highlights
- Advised New Horizon Health Limited in connection with its $263m IPO and listing on the HKEX and an international offering in reliance on Rule 144A and Regulation S.
- Advised Adagene Inc. on its SEC-registered IPO of 8,457,100 American depositary shares.
- Advised Provident Acquisition Corp. on its $230m IPO of 23,000,000 units.
Kirkland & Ellis
Led out of Hong Kong by David Zhang and aided by significant resources from mainland China, Kirkland & Ellis has excellent credentials among PRC companies, and by virtue of the firm’s US heritage (and US-qualified lawyers in situ across Asia) is well-positioned to advise them on listings both on the Hong Kong Stock Exchange, as well as on US IPOs. The team is also extremely well-versed in the regulatory regimes associated with the Asian and US markets, enabling it to anticipate any potential regulatory roadblocks, as well as to quickly and efficiently act upon any subsequent concerns. The return in January 2021 of Mengyu Lu from Sidley Austin further enhances the firm’s issuer credentials, in light of her strong track record advising Chinese companies from a range of industries, including healthcare and life sciences, on their Hong Kong listings.
Practice head(s):
Other key lawyers:
Testimonials
‘It is a diverse and hardworking team.’
Key clients
Goldman Sachs (Asia), BofA Securities, UBS Securities, HSBC Securities (USA), China PA Securities (Hong Kong), Morgan Stanley, CLSA, Jefferies, J.P. Morgan Securities, BOCI Asia, Haitong International Securities, Stifel, Nicolaus & Company, China Renaissance Securities (Hong Kong) and KeyBanc Capital Markets
Goldman Sachs (Asia) L.L.C., Morgan Stanley & Co. LLC, UBS Securities LLC, China International Capital Corporation Hong Kong Securities Limited, Tiger Brokers (NZ) Limited and SNB Finance Holdings Limited
Goldman Sachs (Asia), UBS Securities and China International Capital Corporation Hong Kong Securities
Goldman Sachs (Asia) L.L.C., UBS Securities LLC, China International Capital Corporation Hong Kong Securities Limited, CLSA Limited and Barclays Capital Inc.
Wynn Macau
Credit Suisse Securities (USA) LLC, Goldman Sachs (Asia) L.L.C., J.P. Morgan Securities LLC, China International Capital Corporation Hong Kong Securities Limited, CMB International Capital Limited, China Renaissance Securities (Hong Kong) Limited, CLSA Limited, Haitong International Securities Company Limited, Lighthouse Capital International Inc., Tiger Brokers (NZ) Limited and Futu Inc.
Chindata Group Holdings Limited
SVF Investment Corp.
J.P. Morgan Securities LLC, UBS Securities LLC, Credit Suisse Securities (USA) LLC and China International Capital Corporation Hong Kong Securities Ltd.
J.P. Morgan Securities LLC, UBS Securities LLC, Credit Suisse Securities (USA) LLC, China International Capital Corporation Hong Kong Securities Limited and Goldman Sachs (Asia) L.L.C.
Goldman Sachs, Merrill Lynch, Citigroup, China International Capital Corporation, Credit Suisse, Nomura International and Brocade River Asset Management
Goldman Sachs (Asia), BofA Securities, Jefferies, Haitong International Securities and KeyBanc Capital Markets
Goldman Sachs, J.P. Morgan Securities, Jefferies Hong Kong, CMB International Capital, China Renaissance Securities, Haitong International Securities, Macquarie Capital. Futu Securities International and US Tiger Securities
Poema Global Holdings Corp.
Silver Crest Acquisition Corporation
Goldman Sachs (Asia) L.L.C., BofA Securities, Inc., and Jefferies LLC
Morgan Stanley, Goldman Sachs (Asia), BofA Securities, China Renaissance and Tiger Brokers
Zhaoke Ophthalmology Limited
Global Synergy Acquisition Corp.
Suzhou Basecare Medical Corporate Limited
Latham & Watkins LLP
Effectively able to dispense Hong Kong, US and English law advice to a balanced mix of underwriters and issuers, Latham & Watkins LLP is a common dominator on either side of the table on many Hong Kong and US equity listings for Chinese companies. Vastly experienced team head Cathy Yeung is one of many within the team that has particular expertise advising on life sciences and TMT-related issuances. The firm’s life sciences-related capital markets expertise is also underscored in the context of regulatory work, and the team continues to pick up work on behalf of the regulators in relation to the listing rules that it helped to create, relating to pre-revenue biotech companies listing in Hong Kong. Benjamin Su is noted for his TMT-related capital markets work (for both issuers and underwriters) and has been a key member of the team that has advised the increased flow of Chinese companies in the sector going public in the US and Hong Kong.
Practice head(s):
Other key lawyers:
Key clients
Kuaishou Technology
Connect Biopharma Holdings Limited
Fulu Holdings
ESR Cayman
China Jinmao Holdings Group Limited
China International Capital Corporation Hong Kong Securities Limited
The Goldman Sachs Group, Inc.
JPMorgan Chase & Co.
CLSA Capital Markets Limited
Morgan Stanley
Work highlights
- Advised Kuaishou Technology on its $6.2bn IPO and 144A/Regulation S offering on the Main Board of The Stock Exchange of Hong Kong (HKEX).
- Advised the underwriters in the secondary listing and US$1.07bn IPO of Trip.com, a leading one-stop travel platform globally, on the Main Board of The Stock Exchange of Hong Kong Limited (HKEX).
- Advised the underwriters on XPeng Inc.’s US IPO of 114,693,333 American Depositary Shares and listing on the New York Stock Exchange for total proceeds of $1.7bn.
Linklaters
Able to draw upon the vast reservoir of knowledge developed across the firm’s global practice, including from London, the ‘technically strong and responsive‘ team at Linklaters excels in advising on often cutting-edge mandates for a balanced mix of issuers and underwriters. Led from Hong Kong by Gilbert Li and also able to advise on local PRC law by virtue of the firm’s joint operation, Zhao Sheng Law Firm, the firm is well-placed to provide advice to Chinese corporates, including many within the tech and healthcare sectors, seeking to raise capital via an IPO, a secondary offering or through convertible bond issuances. Li is one of many at the firm that is ‘deeply attuned to the most current regulatory issues’, including several partners that have completed secondments at the two main regulators overseeing the effective running of the Hong Capital markets. Counsel Donnelly Chan regularly handles equity offerings, as well as ongoing compliance in the aftermath of listing, as part of his wide-ranging corporate practice.
Practice head(s):
Other key lawyers:
Alex Bidlake; Christopher Yip; Iris Leung; Iris Yeung ; Lipton Li ; Donnelly Chan ; Christian Felton ; Tiffany Yan; Wei Liang
Testimonials
‘The team is technically strong and responsive.’
‘Gilbert Li and Iris Yeung are responsive, hands-on and able to provide practical solution to complicated issues.’
Key clients
Cathay Pacific Airways Limited
Blue Moon Group
China Yangtze Power Co., Ltd
China Securities International
BofA Securities
UBS
CICC
Work highlights
- Advised on Meituan’s $10bn top-up placement and issuance of CB –largest ever sale of new shares by a Hong Kong-listed company.
- Advised on Xiaomi’s record-breaking $3.1bn follow-on offering.
- Advised Blue Moon Group on its $1.27bn IPO and listing on the Main Board of the Hong Kong Stock Exchange.
Simpson Thacher & Bartlett LLP
Simpson Thacher & Bartlett LLP‘s small but nimble four-partner Greater China team, provides ‘high-quality advice’ to issuers and underwriters on their domestic equity work, as well as in the context of Chinese companies listing in the US. The firm has also been at the forefront (for issuers and underwriters) of the growing trend, amid heightened US-Sino political tensions, of US-listed Chinese companies seeking a secondary listing on the Hong Kong Stock Exchange, in what has been dubbed “homecoming listings”. Team head Celia Lam has a market-leading reputation as a result of her work over the years for PRC state-owned and private enterprises on their Hong Kong listings. Christopher Wong’s robust Hong Kong IPO practice has been developed over many years’ experience advising on both sides of the deal table; he has also been at the forefront of the firm’s homecoming listings work. Counsel Marjory Ding is also recommended, as a result of the varied experience she has built up advising clients on their public and private offerings of equity and debt securities, as well as on corporate governance matters. Chris Lin retired in September 2020.
Practice head(s):
Other key lawyers:
Testimonials
‘The team provides high-quality advice.’
Key clients
51job, Inc.
Alibaba Group Holding Limited
Athenex Inc.
Baozun Inc.
BEST Inc.
Binjiang Service Group
Cango Inc.
Canaan Inc.
Cheerwin Group Limited
China Logistics Property Holdings Co., Ltd
Crystal International Group
Ganfeng Lithium Co., Ltd.
GDS Holdings Limited
GreenTree Hospitality Group Limited
Homeland Interactive Technology Ltd.
Hon Hai Precision Industry Co., Ltd.
Honma Golf Limited
Inke Limited
JNBY Design Limited
LightintheBox
Mulsanne Group
Natural Food International Holdings
Ozner Water International Holding Limited
Phoenix New Media
Phoenix Tree Holdings Limited
Qudian Inc.
Qutoutiao Inc.
Regina Miracle International (Holdings) Limited
Ruhnn Holding Limited
Smoore International Holdings Limited
Sunkwan Properties Group Limited
United Microelectronics Corporation
XPeng Inc.
Yalla Group Limited
Yingli Green Energy Holding Company Limited
Zhongliang Holdings Group Company Limited
Zhenro Properties Corporation
Zhou Hei Ya International Holdings Company Limited
Bank of American Merrill Lynch
Bank of China International
CCB International
China Merchants Securities
CICC
Citigroup
CLSA
Credit Suisse
Deutsche Bank
Goldman Sachs
Haitong Securities
HSBC
J.P. Morgan
Macquarie Capital
Morgan Stanley
UBS
Work highlights
- Advised GDS Holdings Limited on its HK$14.88bn Hong Kong secondary listing, the first Hong Kong secondary offering structured.
- Advised Smoore International Holdings Limited on its HK$7.1bn Hong Kong IPO, the first vaping company listed in Hong Kong.
- Advised XPeng Inc. in its $1.72bn IPO on New York Stock Exchange, the largest IPO by an ESG-oriented company based in China in 2020.
Skadden, Arps, Slate, Meagher & Flom LLP
Benefiting from integrated US, UK and Hong Kong law capabilities from across the firm’s Greater China offices, Skadden, Arps, Slate, Meagher & Flom LLP is well-positioned to advise Chinese issuers, in particular, on their equity capital markets work on the Hong Kong exchange, as well as their transatlantic offerings. The firm has, according to one client, ‘owned the homecoming market’, and has been involved in a slew of secondary listings on the Hong Kong stock exchange, as many tech companies retreat from the US amid heightened political tensions. As well as her continued work on many major Hong Kong-based IPOs, the ‘superb’ Paloma Wang has also been at the forefront of the firm’s prominence in the secondary listing market, work which has recently included advice to JD.com on its $4.27bn listing – the largest global offering on the Hong Kong Stock Exchange in 2020. Julie Gao, who heads up the China practice, and Shu Du were also involved in the aforementioned mandate and are also pivotal members of a ‘very strong team’ that also includes counsel Yilin Xu, who focuses on public listings, M&A and private equity investments. Christopher Betts departed in April 2021 to become general counsel at Grab.
Practice head(s):
Other key lawyers:
Testimonials
‘The very strong team has extensive experience in US securities law, maintains good communication with the company, and provides excellent legal services.’
‘The team has owned the homecoming market.’
‘The firm has rich experience in handling various issues.’
‘Julie Gao is simply the best in the space, and you don’t need to think before deciding to hire her unless you have a hard conflict.’
‘Julie Gao is very solid and hands-on, and can always provide practical and useful advice.’
‘The experienced Shu Du is a solid lawyer, who is hands-on and very reliable.’
‘The superb Paloma Wang – has the rich experience advising top TMT companies listing in Hong Kong.’
Key clients
JD.com (including JD Health and JD Logistics)
NetEase
Baidu
Bilibili
Ke Holding
Lufax
Xiaomi
Pinduoduo
Nio
Kanzhun
Work highlights
- Acted for Grab Holdings Inc. (Singapore) on its $40bn merger with Altimeter Growth Corp. As a result of the merger, Grab will become a Nasdaq-listed company in what is expected to be the largest-ever de-SPAC transaction globally and the largest-ever U.S. equity offering by a Southeast Asian company.
- Acted for JD.com, Inc. on its $4.27bn secondary listing of new ordinary shares on the Hong Kong Stock Exchange.
- Advised JD Health International Inc. on its HK$269bn IPO of ordinary shares and listing on the Hong Kong Stock Exchange.
Allen & Overy
Led from Hong Kong by Lina Lee and aided by a pervasive network of offices across Asia Pacific, Allen & Overy is well-positioned to advise a primarily underwriter side client base (including many bulge bracket investment banks) on listings, not just in Hong Kong, but also across many other popular venues, including Singapore and Vietnam. Lee has been particularly active of advising both sponsors and issuers on IPOs within the biotech and life sciences space. Jonathan Hsui is well-versed in advising on block trades and IPOs, while Hong Kong and US-qualified partner Kung-Wei Liu ensures that the firm is also able to handle international listings on the Hong Kong Stock Exchange.
Practice head(s):
Other key lawyers:
Key clients
Asia International School
Asia Securities Industry & Financial Markets Association
BNP Paribas
Greentown China
China Gas Holdings
CLSA
Morgan Stanley
HSBC
Asia International School
Work highlights
- Advised the joint lead managers on the HK$11.7bn rights issue by Hong Kong airline Cathay Pacific.
- Acted as the Hong Kong and US legal adviser to the joint sponsors, joint global co-ordinators and underwriters in relation to the $1.45bn spin-off of ShimaoServices Holdings (Shimao Services) from Shimao Group Holdings (Shimao Group) and its separate listing of shares on the Hong Kong Stock Exchange.
- Advised China Resources Verlinvest Health Investment Limited, as the majority shareholder in Oatly Group in connection with its $10bn IPO on the Nasdaq Global Select Market.
Herbert Smith Freehills
Led from Hong Kong by Matt Emsley and benefitting from a significant presence on the ground in mainland China, Herbert Smith Freehills‘ seven-partner team has the critical mass and the broad knowledgebase to handle a huge variety of Hong Kong-focused ECM work, including IPOs, secondary listings, block trades and rights issues. Benefiting from a combination of “first mover” advantage, regulatory intel (enhanced by Emsley’s membership on the Hong Kong Stock Exchange Listing Committee) and a deep understanding of the market, the firm has been extremely active advising underwriters on healthcare and 18A listing in Hong Kong. Fluent in Mandarin, Cantonese and English, Jason Sung has an excellent reputation among Chinese banks. Jeremy Shen’s promotion to partner in May 2021 underscores his growing reputation advising on complex and regulatory challenging mandates.
Practice head(s):
Other key lawyers:
Jason Sung; Jeremy Shen; Jin Kong; Maisie Ko; Kris Cheung; Jaime Fong
Testimonials
‘Matt Emsley is approachable and is always willing to use his best effort to help on deals‘.
Key clients
Credit Suisse
BofA Securities
UBS
Goldman Sachs
JP Morgan
Morgan Stanley Asia Limited
Huatai Financial Holdings (Hong Kong) Limited
China International Capital Corporation Hong Kong Securities Limited
Macquarie Capital Limited
China Merchants Securities (HK) Co., Limited
Haitong International
Newborn Town Inc.
Norton Rose Fulbright
Norton Rose Fulbright regularly advises Chinese issuers and underwriters on mid-market deals across a range of sectors, including life sciences, property management and TMT. Team head Psyche Tai has deep experience advising Chinese and multinational corporates on IPOs and listings. Terence Lau is ‘very knowledgeable and up-to-date with regulatory changes’ and is appreciated for his ability to provide ‘very commercial advice’ across the gamut of ECM mandates spanning IPOs, convertible bonds, top-up placings and subscription of notes. Senior associate Aldo Chan is well-versed at advising on both transactional securities work, as well as ongoing compliance issues for listed companies.
Other key lawyers:
Testimonials
‘The team is strong on technical knowledge, pays attention to the details, is pro-active and responsive.’
‘Terence Lau is very knowledgeable and up to date with regulatory changes. He is also hands on and give me a lot of partner time and on top all the issues.’
‘Doris Ng is very senior and experienced, especially in the field of Hong Kong IPOs. It maintains good ties with Hong Kong supervision.’
Key clients
BOC International Holdings
China Galaxy International Securities
China International Capital Corporation (CICC)
China Industrial Securities International Capital
CLSA Capital Markets Limited
CMB International
CNCB Investment
DBS
Haitong International
HSBC
Huatai Financial Holdings (Hong Kong) Limited
ICBC International Capital Limited
Landing International Development Limited
Jacobson Pharma Corporation Limited and JBM (Healthcare) Limited
Macquarie
Morgan Stanley
Shanxi Jinxiu Daxiang Agro-Livestock
Sino-Ocean Service Holding Limited
UBS
Work highlights
- Advised Jacobson Pharma on the spin-off listing of its branded healthcare business, JBM (Healthcare), on the Main Board of the Stock Exchange of Hong Kong.
- Advised HSBC and Morgan Stanley as joint sponsors to the spin-off and separate listing of Sunac Services on the Main Board of the Hong Kong Stock Exchange.
- Advised Sino-Ocean Service Holding Limited on its spin-off listing on the Main Board of Hong Kong Stock Exchange.
Slaughter and May
Leveraging deep relationships with the Hong Kong regulators and also able to draw upon the expertise of numerous current and former members of Listing Committees, Slaughter and May acts for issuers and underwriters on a range of Hong Kong-related ECM work, including IPOs and secondary listings. Formerly in-house counsel at Goldman Sachs, ‘very professional and reliable’ US and Hong Kong-qualified partner John Moore has deep understanding of the legal, regulatory and commercial nuances associated with high value and complex securities transactions, equity placings and convertible bond issues, including SEC-registered, Rule 144A/Regulation S and Rule 144 offerings. UK and Hong Kong-qualified partner Benita Yu is also a key member of the team, particularly in light of her aptitude at handling cross-border listings and share offerings by overseas corporations and PRC state-owned enterprises.
Other key lawyers:
Testimonials
‘The team is very professional in the field of Hong Kong IPOs and mergers and acquisitions.’
‘John Moore is a very professional and reliable senior partner. On complex legal and commercial issues, he can provide clients with first-class legal advice, which can well balance risks, commercial demands and the feasibility of recommendations.’
‘Benita Yu provides a very professional and comprehensive service.’
Key clients
Goldman Sachs (Asia) L.L.C.
China International Capital Corporation Hong Kong Securities Limited
Citigroup Global Markets Limited
China Merchants Securities (HK) Co., Limited
Huatai Financial Holdings (Hong Kong) Limited
UBS
China Renaissance Securities (Hong Kong) Limited
Haitong International Securities Company Limited
CCB International Capital Limited
China Everbright Securities (HK) Limited
DBS Asia Capital Limited
Semiconductor Manufacturing International Corporation
Orient Overseas (International) Limited
Alibaba Health Information Technology Limited
Kingdee International Software Group Company Limited
CLSA Limited
J.P. Morgan Securities (Asia Pacific) Limited
BofA Merrill Lynch
Swire Pacific
Work highlights
- Advised the joint sponsors, the joint global coordinators, the joint bookrunners, the joint lead managers and the underwriters on the Hong Kong and US law aspects of the global offering and listing of Yidu Tech on the Main Board of the HKEx.
- Advised the sole sponsor, the joint global coordinators, the joint bookrunners and the underwriters on the Hong Kong and US law aspects of the global offering and listing of Kintor Pharmaceutical on the Main Board of the HKEx.
- Advised Haitong, DBS Asia Capital and other underwriters regarding Hong Kong and US laws on the global offering and listing of BEURG on the Main Board of the HKEx.
Ashurst
Ashurst’s ‘hardworking’ practice is ‘experienced in handling a range of capital markets work‘, both domestically as well as on multijurisdictional and cross-border matters, where it can effectively leverage resources across its international network. Several high-profile regional corporate clients also continue to generate work in the space, including Mobvista, which the firm has advised on compliance issues and various equity capital transactions since it went public in Hong Kong in 2018. Team head Frank Bi has excellent credentials among Chinese corporate issuers (including Mobvista) and SOEs, and is a key member of the team that also includes the ‘extremely hardworking‘ recently promoted New York and Hong Kong-qualified partner Li Jiang.
Other key lawyers:
Testimonials
‘The Ashurst team is experienced in handling a range of capital markets transactions such as IPOs, pre-IPO investments, major transactions for listed companies, and other listing-related compliance work. With its international network, it is well positioned in advising multi-jurisdictional and cross-border transactions.’
‘The execution team is hardworking and has seamless communication with the core management to deliver great work on drafting, as well as dealing with comments from the Exchange
‘It’s a small team but is very dedicated to its clients.’
‘Frank Bi is very patient in dealing with difficult issues.’
‘Melody He is a very experienced and knowledgeable partner with excellent commercial sense. She knows what is at stake for the client. What sets her apart is her dual qualifications and extensive experiences in both Hong Kong and US capital markets matters. Her multi-jurisdictional expertise has allowed her to always provide practical advice to us.’
‘Li Jiang is extremely hardworking and provides high-quality advice.’
Key clients
Mobvista Inc.
Kintor Pharmaceutical Limited
Loco Hong Kong Holdings Limited
CEB International
Credit Suisse (Hong Kong) Limited
Bank of America
J.P. Morgan
Merrill Lynch
Morgan Stanley
UBS
Onion Global Limited
Work highlights
- Advised CEB International as the sole sponsor and a joint global coordinator on the global offering of 150 million shares by AdTiger Corporations Limited and its listing at The Stock Exchange of Hong Kong.
- Advised Mobvista Inc. on a number of corporate and capital market transactions since its IPO in 2018.
- Advised Merrill Lynch (Asia Pacific) Limited, J.P. Morgan Securities (Asia Pacific) Limited and Morgan Stanley & Co. International plc as the joint placing agents in relation to the HK$11.57bn secondary block trade sale of 88 million shares of ANTA Sports Products Limited.
Deacons
Deeply embedded into the fabric of the Hong Kong legal and business environment, by virtue its longstanding presence in the country, Deacons is a popular choice among regional banks as underwriters, as well as issuers for their listing work on the Hong Kong Stock Exchange. Praised for his ‘acute and professional judgement in analyzing complex legal issues’, practice head Ronny Chow has vast experience in the market and leads a 13-partner corporate finance team that has the strength-in-depth to handle IPO work, as well as secondary listings and ongoing regulatory compliance matters. Other recommended practitioners include consultant Eugina Chan, Maynard Leung and senior associate Samantha Chau, whose broad expertise also includes compliance advice on securities-related legislation and the listing rules.
Practice head(s):
Other key lawyers:
Testimonials
‘Deacons’ capital markets team is well known in the market for decades, particularly acting for Hong Kong sponsors.’
‘Deacons is one the leading law firms in providing legal services for IPO in Hong Kong. They have a strong team of experience lawyers in handling IPOs of various sectors.‘
‘Ronny Chow has an acute and professional judgement in analyzing complex legal issues.’
‘Ronny Chow is experienced and has a good commercial sense.’
‘Canny Lau is diligent and responsible.’
Key clients
BNP Paribas Securities (Asia) Limited
BOCOM International (Asia) Limited
CMB International Capital Limited
Dongxing Securities (Hong Kong) Company Limited
Guotai Junan Capital Limited
Haitong International Capital Limited
Halcyon Capital Limited
ICBC International Capital Limited
Lego Corporate Finance Limited
South China Capital Limited
Work highlights
- Advised Viva China Holdings on its HK$3.8bn placing of shares of Li Ning Company Limited.
- Advised the joint sponsors Haitong International Capital Limited and CMB International Capital Limited and underwriters in relation to HK$3.4bn Main Board IPO of Excellence Commercial Property & Facilities Management Group Limited.
- Advised the underwriter, Haitong International Securities Company, in relation to the HK$2.72bn rights issue by Kaisa Group Holdings.
Hogan Lovells
Although it is relatively small in comparison with some of its peers, Hogan Lovells’ ‘attentive and experienced‘ three-partner team punches-above-its weight, by leveraging its broader international network to good effect on cross-border mandates. UK and Hong Kong-qualified partner Sammy Li leads on much of the most significant Hong Kong-based ECM mandates for issuers and underwriters, work which includes IPOs, global offerings and rights issues. US-qualified partner Stephanie Tang is singled out for her core private equity experience (which has seen her very active over the years in relation to take-private transactions of US-listed Chines companies), she also has experience advising underwriters and issuers on NYSE and NASDAQ IPOs of Chinese companies in the TMT, fintech, and education sectors.
Other key lawyers:
Testimonials
‘The team is attentive and experienced, and devoted to their work, particularly when they have taken on the prospectus drafting responsibility.’
‘Sammy Li is very experienced and can always address the concerns that arise from both the client and sponsor side.’
Key clients
Central China New Life Limited
China Everbright Capital Limited
Ballas Capital Limited
DBS Asia Capital Limited
Central China Real Estate Ltd
Fineland Real Estate Services Group Limited
UBS
BNP Paribas
CICC
Lixiang Education Holding Co., Ltd.
Midea Real Estate Holding Limited
Central China New Life Limited
China Everbright Capital Limited
Ballas Capital Limited
DBS Asia Capital Limited
Central China Real Estate Ltd
Fineland Real Estate Services Group Limited
UBS
BNP Paribas
CICC
Lixiang Education Holding Co., Ltd.
Midea Real Estate Holding Limited
Work highlights
- Advised Central China New Life Limited as to Hong Kong law, on its IPO and listing of shares on the Main Board of The Stock Exchange of Hong Kong.
- Advised China Everbright Capital Limited (as the sole sponsor) in connection with the HK$411m IPO and listing of China Gas Industry Investment Holdings Co., Ltd. on the Main Board of the Stock Exchange of Hong Kong.
- Advising DBS Asia Capital Limited as the sole listing agent and DBS, Credit Suisse and JP Morgan as Joint Global Coordinators in relation to the IPO of SF Real Estate Investment Trust (SF REIT) on the Main Board of the Hong Kong Stock Exchange.
King & Wood Mallesons
Able to advise on Hong Kong, English, PRC and US law, King & Wood Mallesons’s versatile practice is a popular choice for Chinese issuers on their Hong Kong listings, outbound US capital markets offerings and in other cross-border contexts. The team, which is led out of Hong Kong by Candy Chan, works closely with its mainland China offices and counts many PRC companies as major clients which it advises on A-share re-listings.
Practice head(s):
Other key lawyers:
John Baptist Chan; Anthony Wan; Sheldon Tse; Gary Lock; Jia Liu; Yu Wang ; Kanne Leung
Testimonials
‘King & Wood Mallesons Hong Kong has always been our group’s perennial legal counsel, and has deep and long-term cooperative relationships in terms of listing rule compliance, investment projects, and group strategic projects.’
‘The experienced Anthony Wan provides professional and commercial advice.’
Key clients
China Merchants Securities Co., Ltd.
C&D Property Management Group Co., Ltd
Guotai Junan Capital Limited
Adtiger Corporations
MEGAIN Holding (Cayman) Co., Ltd.
Soochow Securities
Dongxing Securities (Hong Kong)
Geely Automobile Holdings Limited
Chinasoft International Limited
ICBC International Capital Limited
GCL-Poly Energy Holdings Limited
China International Marine Containers (Group) Co., Ltd. (“CIMC Group”)
CIMC Enric Holdings Limited
Bank of Jinzhou Co., Ltd
China International Capital Corporation
Work highlights
- Advised China Merchants Securities on its A share repurchase, employee share ownership scheme and its HK$16.35bn A+H share rights issue.
- Advised C&D Property Management on the spin-off and its subsequent listing on the MainBoard of the Stock Exchange of Hong Kong Limited.
- Advised Guotai Junan Capital Limited as the sole sponsor and other underwriters on theHK$662m IPO and the listing of the H-shares of Financial Street PropertyCo. on the Main Board of The Stock Exchange of Hong Kong.
Morgan, Lewis & Bockius
Despite being a relative newcomer in the country, Morgan, Lewis & Bockius has quickly established itself as a ‘very safe-pair-of hands’ for Chinese issuers and underwriters engaged in IPOs on the Main Board of the Hong Stock Exchange. Although it is active across a range of industry sectors, the team, which is led by Edwin Luk, has gained particular acclaim for its work within the education space, including on some substantial related IPOs. Other work includes advice on secondary offerings, take-private transactions, de-listings and ongoing regulatory compliance. Leveraging its broader international network, the team is also well-placed to advise international companies seeking to access the Hong Kong capital markets.
Practice head(s):
Other key lawyers:
Key clients
Meten International Education Group
Shanghai Gench Education Group
Leader Education Limited
Canggang Railway Limited
Litian Pictures Holdings Ltd
Raffles Interior Ltd
Hygieia Group Limited
Chengdu Ruizhuo Real Estate Co. Ltd.
China Nuclear Engineering Capital Holdings Limited
Sequoia Capital
China Hongqiao Group Limited
Health and Happiness(H&H) US International Incorporated
CMMB Vision Holding Ltd
Minsheng Education Group
Work highlights
- Advising Shanghai Gench Education Group on its $89m IPO listing on the main board of the Stock Exchange of Hong Kong.
- Acting for Leader Education Limited on its $45.16m IPO listing on the mainboard of the Stock Exchange of Hong Kong with a concurrent global placement pursuant to Regulation S.
- Represented Meten International Education Group, a leading English-language training service provider in China, in the successful completion of its merger with EdtechX Holdings Acquisition Corp., the world’s first special-purpose acquisition company (SPAC) focused on investing in the education services and education technology industry.
Morrison Foerster
‘Very knowledgeable about the IPO process’, Morrison Foerster’s ‘lean but effective team can deliver a consistently high-quality service, especially on mid-cap transactions’. Proactive efforts and early mover advantage among Chinese banks has reaped dividends and ensures that it picks up a significant amount underwriter side work, alongside its robust issuer practice. Drawing upon the firm’s market-leading overarching TMT and biotech sector strengths, the team, which is led by Hong Kong and New York-qualified partner Venantius Tan, is particularly skilled at advising on ECM transactions. ‘Very approachable and down-to-earth’ New York-law qualified partner Ke Huang is adept at advising issuers and underwriters in Rule 144A and Regulation S international equity and debt offerings throughout Asia, and has also developed niche expertise advising pre-revenue biotech companies on their Hong Kong IPOs under Chapter 18A of the Listing Rules.
Practice head(s):
Other key lawyers:
Testimonials
‘The go-to firm for Hong Kong IPO related matters. They are very knowledgeable about the IPO process.’
‘The lean but effective team can deliver a consistently high-quality service, especially on mid-cap transactions.’
‘Vivian Yiu is able to practical and solutions-oriented advice on some thorny issues.’
‘Vivian Yiu has more than 20 years of experience advising on a broad range of corporate transactions, including primary and secondary equity offerings in Hong Kong, PIPEs, public M&A transactions, cross-border M&A transactions and formation of joint ventures.’
‘Huang Ke is very approachable and down-to-earth, and his technical skills are unparallelled.’
Key clients
CLSA Capital Markets Limited
Huatai Financial Holdings (Hong Kong) Limited
Controlling shareholders of Shenzhou International Group Holdings Limited
Greenland Hong Kong Holdings Limited
Oriental University City Holdings (H.K.) Limited
Alibaba Group Holding Limited
Poly Property Group Co., Limited
TATA Health International Holdings Limited
Kindstar Global Beijing Technology Inc.
Work highlights
- Advised the joint sponsors, CLSA Capital Markets Limited and Huatai Financial Holdings (Hong Kong) Limited, and underwriters in relation to Jinke Smart Services Group IPO on the Hong Kong Stock Exchange.
- Advised Alibaba Group Holding Limited in connection with Ant Group’s proposed IPO on the Hong Kong Stock Exchange (and STAR Board).
- Acted for the controlling shareholders on their approximately HK$5bn block trade of shares in Shenzhou International Group Holdings.
O'Melveny
Forming a key part of a co-ordinated Greater China offering alongside Beijing and Shanghai located colleagues, O’Melveny‘s Hong Kong-based capital markets team exhibits a comprehensive perspective of market trends and commercial pinch points for a balanced issuer and underwriter-side client base. As well as picking up significant domestic IPO work, the firm’s US network and the team’s ability to advise on US securities law from Hong Kong is a strong selling point to Chinese issuers on their outbound transatlantic matters. Although it is active on deals spanning a wide range of industry sectors, the team ‘is very knowledgeable in the healthcare sector‘ and has been particularly active in advising on life sciences IPO mandates. ‘Commercial, knowledgeable and client-friendly’ Beijing-based Ke Geng heads the practice.
Practice head(s):
Other key lawyers:
Testimonials
‘The team is very knowledgeable in the healthcare sector.’
‘As a brokerage lawyer, Edwin Kwok can give the sponsor clear feedback on key issues. As an issuer’s lawyer, he can also fully protect the interests of the issuer and have an effective relationship with the sponsor.’
‘Ke Geng is very responsive, commercial, knowledgeable, and client-friendly.’
Key clients
RemeGen
J.P. Morgan, BofA Securities, CICC, and Haitong International as joint sponsors
Akesobio
Peijia Medical
Simcere
JACOBIO
Honliv Healthcare
Hygeia
Yeahka
Zero2IPO
Keymed biosciences
CICC and CITI
Brii Biosciences
Beijing Keya Medical Technology
Shanghai Bio-heart biological Technology
Goldman Sachs and CICC
Betta Pharmaceutical
CCB International
Acotec Scientific Holdings
Work highlights
- Advised RemeGen in its $515m HKIPO.
- Assisted J.P. Morgan, BofA Securities, CICC, and Haitong International as joint sponsors and other underwriters with the $1.67bn secondary listing of GDS Holdings’ Hong Kong IPO.
- Acted for Akesobio in its $383m Hong Kong IPO.
Paul Hastings LLP
Leveraging the firm’s institutional ties with a slew of international commercial/investment banks and also benefiting from close ties with many China-based financial services entities, Paul Hastings LLP is regularly instructed to advise on a significant volume of IPO and global offering work, as well as on secondary listings, right issues, placing, block trade and follow-on offerings. Clients, which also include corporates and SOE issuers, also benefit from the Hong Kong team’s ability to draw upon the expertise of lawyers across its strong Asia Pacific network, to effectively advise on pan-Asian mandates. Sector strengths include real estate, biotech and healthcare. With a versatile practice that spans H-share listings, share purchase agreements and Hong Kong IPOs, Raymond Li is appreciated by underwriters and issuers and chairs the Greater China practice that also includes well regarded Hong Kong and New York-qualified partner Vincent Wang.
Practice head(s):
Raymond Li; Neil Torpey ; Jia Yan (Beijing)
Other key lawyers:
Key clients
Morgan Stanley
Credit Suisse
HSBC
Citi
CMB International Capital Limited
CCB International Capital Limited
CITIC CLSA
BOCI Asia Limited
Fosun
China Merchants Securities
China Vanke
COSCO SHIPPING Development Co., Ltd.
ICBC International Capital
Jinshang Bank
China Bohai Bank Co., Ltd
Work highlights
- Advised WH Group Limited on its approximately $1.92bn conditional voluntary cash offer to buy-back for cancellation for up to 1,916,937,202 shares, representing approximately 13% of its total issued share capital.
- Advised China Bohai Bank, a nationwide joint-stock commercial bank in China, in its $1.77bn global offering and listing of its H Shares on the Main Board of the Hong Kong Stock Exchange.
- Advised I.T Limited on the proposal for the privatisation of I.T Limited by Brooklyn Investment Limited by way of a scheme of arrangement under section 99 of the Companies Act of Bermuda and the withdrawal of listing of the shares of I.T Limited from the Hong Kong Stock Exchange.
Sullivan & Cromwell
Sullivan & Cromwell has a good reputation in the market advising underwriters and issuers on IPOs, rights issues and H-share offerings, particularly within the biotech, education and TMT sectors. Key practitioners include Kay Ian NG, Ching-Yang Lin and of counsel Chun Wei.
Other key lawyers:
Baker McKenzie
Strengthened by the arrival of Victoria Lloyd from Ropes & Gray LLP in July 2021, who benefits from vast transactional and regulatory experience in the market, Baker McKenzie’s cohesive Hong Kong and PRC-based team is a compelling proposition to an issuer-focused client base (including Chinese corporates and SOEs) across the gamut of ECM work, including rights placements and spin-offs. Despite being less visible on big-ticket mandates, the team has developed niche expertise advising on real estate investment trust (REIT) IPOs and is also well-placed to advise on multijurisdictional mandates by virtue of its vast international network of offices. Jackie Lo and Christina Lee co-head the team.
Practice head(s):
Other key lawyers:
Testimonials
‘The team has solid professional knowledge, excellent experience in communicating with the regulatory agencies, and can quickly respond to and solve the legal needs of clients.’
Key clients
BC Technology Group
BOC International Holdings Company Limited
China Ecotourism Group Limited (formerly known as China LotSynergy Holdings Limited)
China Evergrande New Energy Vehicle Group Limited
China International Capital Securities Limited (CICC)
China Pacific Insurance (Group) Co., Ltd.
CMBC Capital
Coolpad Group Limited
Far East Horizon Limited
Guotai Junan International
HSBC
ICBC (Asia)
Orient Securities (Hong Kong)
SF Holding (parent of SF Express, the Shenzhen-based multinational delivery services and logistics company)
Shoucheng Holdings Limited
Silk Road International
SK Holdings Co
3SBio Inc.
BC Technology Group
BOC International Holdings Company Limited (“BOCOM International”), a subsidiary of the Bank of Communications Co., Ltd
China Ecotourism Group Limited (formerly known as China LotSynergy Holdings Limited)
China Evergrande New Energy Vehicle Group Limited
China International Capital Securities Limited (CICC)
Coolpad Group Limited
SF Holding (parent of SF Express, the Shenzhen-based multinational delivery services and logistics company)
Shoucheng Holdings Limited
SK Holdings Co
3SBio Inc.
Work highlights
- Acting as issuer’s counsel on the establishment and IPO of SF REIT. This is the first logistics-focused REIT in Hong Kong.
- Advised China Evergrande New Energy Vehicle Group Limited on the (i) the proposed issue of new shares to six investors; (ii) acquisition of the remaining 17.6% stake in National Electric Vehicle Sweden AB (NEVS); and (iii) placing of existing shares and top-up subscription of new shares.
- Acting for CICC as financial adviser’s counsel in the proposed rights issue of Orient Securities Company Limited.
Cleary Gottlieb Steen & Hamilton
Co-headed by Freeman Chan and Shuang Zhao, Cleary Gottlieb Steen & Hamilton‘s integrated US and Hong Kong capital markets team acts for issuers and underwriters across the panoply of ECM mandates, including on Hong Kong-listed IPOs, SEC-registered and Reg S/Rule 144A IPOs and follow-on offerings. The team also has extensive regulatory expertise, enabling it to effectively advise on listing and take-over code issues, as well as post-listing compliance matters.
Other key lawyers:
Key clients
BofA Securities
Burning Rock Biotech
Goldman Sachs
Huazhu Group Limited
iClick Interactive Asia
Morgan Stanley
OneConnect Financial Technology
Work highlights
- Advised the joint sponsors, joint global coordinators, joint bookrunners, joint lead managers, and underwriters, on the $3.2bn global offering of ordinary shares and primary listing of JD Logistics Inc. on the Hong Kong Stock Exchange.
- Advised Burning Rock Biotech Limited on its US IPO and concurrent private placement.
- Advised the joint sponsors, joint global coordinators, joint bookrunners, joint lead managers, and underwriters in the $3.5bn global offering of ordinary shares and primary listing of JD Health International Inc. on the Hong Kong Stock Exchange.
DLA Piper
Led by Luke Gannon, DLA Piper‘s capital markets team is particularly adept at advising issuers, including international companies, on their Hong Kong listings. While the core ECM offering may be smaller than some of its peers, it is able to punch above its weight by virtue, not only of its ability to leverage vast international resources for cross-border deals, but also to draw upon the office’s full-service capabilities. Life sciences, consumer goods and technology are particular sector strengths. The team was bolstered by the arrival in March 2021 of Arthur Tso from Kirkland & Ellis, particularly in light of his credentials advising Chinese companies on Hong Kong listings, and in November 2021 of George Wu from Herbert Smith Freehills who has particular experience advising on IPOs, and follow-on offerings in Hong Kong and US capital markets.
Practice head(s):
Other key lawyers:
Key clients
Mont Avenir Capital Limited
China Ping An Group
Benchmark
Valuable Capital
Maxim Group
China Merchants Securities (HK)
AMTD No8 BOC International
Hangzhou Qiantang New Area Construction and Investment Group
WiMi Hologram Cloud Inc.
Guangdong-Hong Kong Greater Bay Area Holdings Limited
Kunlun Energy Company Ltd
BAIOO Family Interactive Limited
Besunyen Holdings Company Limited
Chengdu Expressway Co., Ltd.
Tian Ge Interactive Holdings Limited
SouthGobi Resources Ltd
Luye Group
Dadi International Group Ltd
Work highlights
- Advised Mont Avenir Capital, as the sole sponsor and sole global co-ordinator, on the HK$872m global offering and listing of Newlink Technology Inc. on the Main Board of the Hong Kong Stock Exchange.
- Advised China Ping An Group on the $2.36bn initial US public offering and listing on the New York Stock Exchange.
- Advised Air China on the HK$39bn recapitalization plan for Cathay Pacific.
Eversheds Sutherland
Led by the ‘very experienced’ Stephen Mok , Eversheds Sutherland‘s ‘young and hungry‘ team provides ‘approachable and practical‘ advice to issuers from a range of sectors, including biotech, healthcare and property, on their Hong Kong IPOs, spin-off listings and secondary placings. The team’s ability to leverage an extensive international network also ensures that it is well-positioned to advise on complex multijurisdictional matters. Hong Kong and UK-qualified partner Dickson NG is ‘knowledgeable and pragmatic‘. Norman Hui joined Dentons Hong Kong in February 2021.
Practice head(s):
Stephen Mok (Head of Corporate, Asia)
Other key lawyers:
Testimonials
‘The Eversheds ECM team is young and hungry. They are approachable and practical, and are able to deal with complex multi-jurisdictional issues given the strong capability across their network.’
‘The team is very business-oriented.’
‘Stephen Mok is very experienced, with very good commercial sense.’
‘Dickson Ng is knowledgeable and hands-on, understands clients’ needs and is pragmatic.’
Key clients
EuroEyes International Eye Clinic Limited
China International Capital Corporation Hong Kong Securities Limited (CICC)
Jilin Province Chuncheng Heating Company Limited
BOCI Asia Limited
Acme International Holdings Limited
Imagi International Holdings Limited
China Gas Industry Investment Holdings Co. Ltd.
Fortune Financial Capital Limited
CCB International Capital Limited
Imagi International Holdings Limited
CGN New Energy Holdings Co., Ltd.
CITIC Resources Holdings Limited
Fangda Partners
With a sizeable presence in Hong Kong and the PRC, Fangda Partners has excellent credibility among regional and international issuers and underwriters listing on the Hong Kong stock exchange. Under the guidance of Colin Law, who has 'strong professional skills', the team has been particularly prolific advising on mid-to-high end mandates, including IPOs and H-share offerings, in the healthcare and education sectors.
Practice head(s):
Other key lawyers:
Peter Chen; Arnold Pang; Christina Fu; Edward Bong; Arman Lie; Kitty Chan; Geoffrey Cheung
Testimonials
‘Colin Law has strong professional skills, can respond to various consulting questions of the company in a timely manner, and has a scholarly demeanor.’
Key clients
JW (Cayman) Therapeutics Co. Ltd
Goldman Sachs
J.P. Morgan
Huatai Securities
Morgan Stanley
Southwest Securities (HK) Capital Limited
Agricultural Bank of China Limited
Jinxin Fertility Group Limited
Shandong Fengxiang Co., Ltd.
WuXi Biologics (Cayman) Inc.
WuXi Biologics Holdings Limited
Ant Group Co., Ltd.
Cheshi Holdings Limited
Haina Intelligent Equipment International Holdings Limited
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd.
C-MER Eye Care Holdings Limited
Shandong International Trust Co., Ltd.
Bawang International (Group) Holding Limited
G-Resources Group Limited
IDG Corporation
Dialog Group Berhad
Dialog Corporate Sdn Bhd
CDH Investment
CITIC Private Equity
Work highlights
Jones Day
Combining local with high-end international expertise, and also being able to leverage resources spread across US, Europe and Asia Pacific, Jones Day‘s Hong Kong team handles cross-border mandates for a balanced mix of issuers and underwriters. Joelle Lau and Charles Chau co-head the financial markets group and are both extremely well-versed in advising on IPOs and post listing fund raising transactions on the Hong Kong Stock Exchange, particularly within the healthcare, life sciences and TMT sectors.
Other key lawyers:
Key clients
GenScript Biotech Corporation
Legend Biotech Corporation
New Hope Group Co Ltd
China Galaxy International Financial Capital Limited
China International Capital Corporation Limited
China International Capital Corporation Hong Kong Securities Limited
China Everbright Securities International Limited
CMBC International Capital Limited
Shanghai Junshi Biosciences Co., Ltd
Asia-Germany Industrial Promotion Limited
Halcyon Capital Limited
Mr. LEE Ka Kit (through his wholly-owned special purpose vehicle, Peace Perfection Limited or Successful Lotus Limited)
BOC International (Asia) Limited
Huatai Financial Holdings (Hong Kong) Ltd
BNP Paribas Securities (Asia) Limited
Shanghai Junshi Biosciences Co., Ltd.
UBS AG Hong Kong Branch
UBS Securities Hong Kong Limited
OMERS Administration Corporation
The Hong Kong and China Gas Company Limited
Samson Paper Holdings Limited
Work highlights
- Advised GenScript Biotech Corporation, its controlling shareholder GenScript Corporation, and its subsidiaries Legend Biotech Corporation and Probio Technology Limited in relation to the approximately $1bn investment by Hillhouse Capital.
- Advised Shanghai Junshi Biosciences Co., Ltd. on the issue and listing of its A Shares on the STAR Market of the Shanghai Stock Exchange from the Hong Kong Listing Rules perspective.
- Acted as the US and Hong Kong legal advisors of GenScript Biotech Corporation in relation to the approximately $423.8m IPO and spin-off listing of its subsidiary Legend Biotech Corporation.
Milbank
Although lacking visibility in the domestic market, Milbank ‘s Hong Kong team, under the leadership of the vastly experienced James Grandolfo and aided by Paul Pery, has developed a particularly strong reputation advising issuers and underwriters on Philippines-related equity capital markets transactions. The arrival of Alex Tao from Allen & Overy in June 2020 enhances the firm’s capabilities in advising Chinese corporates on their US listings.
Practice head(s):
Key clients
BofA Securities
Morgan Stanley
Asia United Bank
Deutsche Bank
China Bank Capital
HSBC
BPI Capital
CLSA
Credit Suisse
BDO Capital
Bank of America Merrill Lynch
Nomura Singapore Limited
CIMB Investment Bank Bhd,
Macquarie Capital Securities (Singapore) Pte Limited,
Maybank Kim Eng Securities Pte. Ltd.,
PNB Capital and Investment Corporation,
Standard Chartered Bank
BNP Paribas Securities (Asia) Limited
Investment & Capital Corporation of the Philippines,
RCBC Capital Corporation
Australia and New Zealand Banking Group Limited
DDMP REIT, Inc
Converge Information and Communications Technology Solutions, Inc.
Monde Nissin Corporation
Work highlights
- Advised UBS, Citi, Credit Suisse and J.P. Morgan as joint global coordinators in connection with the Rule 144A/Reg S initial public offering of Monde Nissin Corporation on the Philippine Stock Exchange.
- Advised the international bookrunners and the domestic underwriters in connection with the ₱14.7bn IPO by DDMP REIT, Inc., a subsidiary of Philippine real estate development company, DoubleDragon Properties Corp.
- Advised the underwriters and selling agents in connection with the $600m IPO of Converge Information and Communications Technology Solutions, Inc.
Reed Smith Richards Butler
Led by Denise Jong, the ‘hardworking and diligent‘ team at Reed Smith Richards Butler provides ‘very knowledgeable and commercial‘ advice across a variety of equity capital raising mandates on the Hong Kong Stock Stock Exchange, including IPOs, secondary offerings, privatisations and delistings. The firm is also well-placed to advise on cross-border mandates leveraging its sizeable international network of offices, while its ability to advise on US law from Hong Kong ensures that the team is able to advise on Reg S and 144A aspects of IPOs. Of the more junior partners, Anthony Woo has ‘strong knowledge and technical skill‘, which he deploys to good effect across a range of corporate finance mandates for SOEs, as well as transport and tech-related companies.
Other key lawyers:
Testimonials
‘The hardworking and diligent team is excellent across a variety of issues, is responsive, and full of ideas.’
‘The partners are very knowledgeable, commercial and hands-on. Their fees are very reasonable compared to other international law firms. The firm also has a very sizeable global practice, especially in the US, which is very helpful to clients with businesses in the US.’
‘The team provided timely and satisfactory legal services upon very short notice and within an extremely tight time-frame.’
‘Anthony Woo is very helpful and informative. He can always be relied on to provide prompt professional suggestions/opinions to us.’
‘The responsive Anthony Woo possesses strong knowledge and technical skill, and is familiar with overall market practices.’
Wilson Sonsini Goodrich & Rosati
At Wilson Sonsini Goodrich & Rosati, Hong Kong and New York-qualified team head Dan Ouyang has significant experience advising Chinese issuers from a range of sectors, including technology, healthcare, media and telecoms, on IPOs and follow-on offerings in the US and Hong Kong.
Practice head(s):
Key clients
Credit Suisse Securities
Deutsche Bank Securities
Goldman Sachs
Citigroup Global Markets
BofA Securities
China International Capital Corporation
Cloopen Group Holding Limited
Agora, Inc.
I-Mab
WuXi AppTec
Work highlights
- Advised Agora Agora on its $512.5m IPO and concurrent private placement, which involved complex issues arising from the Covid-19 pandemic, including technology innovations to manage the dispersed cross-border working group as a result of travel restriction imposed by the pandemic.
- Advised Cloopen Group Holding Limited on its $368m IPO with the underwriters exercising their option to purchase additional American Depositary Shares (ADS) in full.
- Advised I-Mab on a $418m private placement through a PIPE transaction with a consortium of investors led by Hillhouse Capital Group.
Addleshaw Goddard
The ‘knowledgeable’ team at Addleshaw Goddard advises sponsors and underwriters engaged in Hong Kong ECM work. Hong Kong and UK-qualified team head Daniel Wan takes the lead on most of the work and has vast experience advising sponsors and underwriters on domestic IPOs across an array of industry sectors, including transport, healthcare and property.
Practice head(s):
Testimonials
‘Addleshaw Goddard has vast experience working as a sponsor lawyer on IPOs.’
‘The team is knowledgeable and provides an exceptional service.’
‘Daniel Wan is available to discuss critical matters with the sponsor in an IPO exercise. He also speaks out for the sponsor’s interest in regular all parties meetings despite the listing applicant may not welcome what he says.’
Key clients
BOCOM International (Asia)
China Galaxy International Securities (Hong Kong) Co., Ltd.
China Industrial Securities International Capital Limited
CMB International Capital Limited
Guosen Securities (HK) Capital Company
Guotai Junan Capital Limited
Haitong International Capital Limited
Southwest Securities (HK) Capital Limited
SPDB International Capital Limited
Zhongtai International Capital Limited
Howse Williams
The ‘professional and diligent‘ team at independent Hong Kong-based firm Howse Williams has a strong reputation in the market advising small-to-mid size cap companies on their domestic listings. Formerly an investment banker, team head Brian Ho has an excellent perspective of both the legal and the commercial nuances of work and is appreciated by both sponsors and issuers for his ‘goal-oriented’ approach.
Practice head(s):
Other key lawyers:
Chris Yu; Heidi Lee ; Chia Ching Tan ; Denise Che ; Stephen Leung ; Salina Cheung
Testimonials
‘The team is professional and diligent.’
‘Experienced and committed in Hong Kong IPOs.’
‘Brian Ho is goal-oriented and has a strong commercial mindset, hence he knows how to resolve issues for his clients.’
‘Brian Ho is a seasoned professional.’
‘The very professional and reliable Chris Yu strikes the correct balance between legal and commercial issues.’
‘HW team’s advantage is that they are able to fully listen and understand client needs, provide professional advice targeted at client needs and the actual situations. They are also very professional on service details, able to explore key issues in the company’s challenges, so as to allocate the best lawyers to handle cases. The key skills of the team are extensive experiences in financial legal services, comprehensive and targeted interpretation of the law, with timely communication with the company in advance. They are very professional in time management based on the needs of clients.‘
‘Chris Yu and Salina Cheung are able to provide timely interpretation of the company’s problems from a legal perspective, especially the key analysis of the core issues, which is in-depth and targeted.’
Key clients
CMBC International Capital Limited
Alliance Capital Partners Limited
Grande Capital Limited
Xingye Wulian Service Group Company Limited
First Shanghai Capital Limited
Dongxing Securities (Hong Kong) Company Limited
China Youzan Limited YesZensun Enterprises Limited
China Tonghai Capital Limited
Mayer Brown
Benefiting from strong relationships with regional banks and corporates, and also able to leverage significant global resources, including out of London and New York, Mayer Brown is a popular choice among issuers and underwriters on global offerings and listings. Drawing upon a deep well of regional corporate finance expertise, UK and Hong Kong-qualified team head Billy Au is regularly instructed by Chinese state-owned and privately-owned entities, which are also appreciative of his Chinese language skills.
Other key lawyers:
Key clients
China Overseas Land & Investment Ltd.
BOCI Asia Limited
AK Medical Holdings Limited
Jiayuan International Group Limited
BNP Paribas
CCB International Capital Limited
Credit Suisse
Guotai Junan Capital Limited
Haitong International Securities Company Limited
UBS Securities Hong Kong Limited
Ropes & Gray LLP
Ropes & Gray LLP‘s core strength lies in its ability to advise its impressive roster of regional and global investment management firms on their Hong Kong-related ECM work, both in relation to cornerstone investments in newly listed companies, as well as in the context of exits for portfolio companies. Former team head Victoria Lloyd joined Baker McKenzie in July 2021.
Other key lawyers:
Shearman & Sterling
At Shearman & Sterling, team head Kyungwon Lee ‘is an extremely reliable partner on capital markets transactions which have US touchpoints’, including advising underwriters on SPAC IPOs by Asia-based sponsors.
Practice head(s):
Other key lawyers:
Testimonials
‘Kyungwon Lee has a deep understanding of the investment banking business and is able to deliver highly practical advice. He brings a wealth of knowledge and experience in the US securities markets and is an extremely reliable partner on capital markets transactions which have US touchpoints.’
Key clients
Alliance Global Partners
Barclays Capital Inc
BofA Securities Inc.
China Renaissance Securities (Hong Kong) Limited
Cowen and Company LLC
Credit Suisse
Goldman Sachs (Asia) L.L.C.
ICBC International Securities Limited
JW (Cayman) Therapeutics Co. Ltd.
Microvast Inc.
Morgan Stanley & Co. LLC
Work highlights
- Advising the banks, including Goldman Sachs, who are acting as joint placements agents in connection with Plus’ business combination with special purpose acquisition company (SPAC) Hennessy Capital Investment Corp. V.
- Advised the underwriters on the $250m IPO and Nasdaq listing of L Catterton Asia Acquisition Corp.
- Advised the book-running managers in connection with the $276m IPO and NYSE listing of Tiga Acquisition Corp, a special-purpose acquisition company.
Tian Yuan Law Firm
Benefiting from a sizeable footprint in Mainland China and numerous lawyers based out of Hong Kong, Tian Yuan Law Firm is particularly adept at advising Chinese issuers listing on the Hong Kong Stock Exchange. In this context, the firm has developed a particularly strong reputation within the healthcare and TMT sectors and is noted for its ‘experience and knowledge in handling complex situations’. The ‘very experienced‘ William Ji and the ‘responsive, reasonable and savvy’ Nan Li co-head the team and have both recently provided the local law advice for numerous China-based TMT and healthcare companies on their IPOs in Hong Kong.
Practice head(s):
Other key lawyers:
Testimonials
‘It is a very professional team that has experience and knowledge in handling complex situations.’
‘The team is responsive and familiar with IPO deals, especially in theTMT industry.’
‘They are fully aware of the special and important matters that Chinese-funded enterprises need to pay attention to when doing business in and out of China.’
‘Nan Li is very responsive, reasonable and savvy.’
‘William Ji’s legal background and practical experience in mainland China, Hong Kong and UK ensures he is a master of laws, regulations and policy guidelines, and is able to provide practical legal services to clients at home and abroad.’
‘William Ji and Ning Liu are very experienced, hands on and understand the client’s needs.’
Key clients
Simcere Pharmaceutical Group Limited
Hygeia Healthcare Holdings Co., Limited
Netjoy Holdings Limited
Strawbear Entertainment Group
Neusoft Education Technology Co. Limited
Youzan Technology Inc.
Chaoju Eye Care Holdings Limited
Chindata Group Holdings Limited
OrbiMed Advisors LLC
IDG Capital Mega Fund Management Ltd
Comba Telecom Systems Holdings Limited
Beijing Chuangxinzhong Technology Co., Ltd.
Hangzhou Xiaoma Education Technology Co., Ltd.
Beijing Energy Group Co., Ltd.
Advanced Photoelectronic Technology Limited
Archosaur Games Inc.
Raily Aesthetic Medicine International Holdings Limited
China Maple Leaf Educational Systems Limited
Shanghai Prime Machinery Company Limited
Joy Spreader Interactive Technology. Ltd
Litian Pictures Holdings Limited
Hope Education Group Co., Ltd.
Work highlights
- Acted as Hong Kong law advisers to Simcere on its HK$3.6bn global offering and IPO on the Stock Exchange.
- Acted for Hygeia Healthcare on its HK$2.4bn global offering and IPO on the Stock Exchange.
- Assisted Netjoy with its HK$1.4bn global offering and IPO on the StockExchange.